Now through December 31, 2018, First Federal Lakewood (FFL) is offering a 2.53% APY on its Select Money Market account, with a one-year rate guarantee. The minimum opening deposit is $10k of new money, with a balance cap of $1m per household. The APY for balances greater than $1m is 0.45% APY, with balances of less than $10k earning 0.05% APY during the one-year guarantee period. On day 366, all rate tiers will equal what is currently offered on the regular Select Money Market Account.
FFL offered a year-long rate guarantee on the Select Money Market in May 2017. At that time, the guaranteed rate was 1.28% APY, which was the highest rate offered on a MMA in Ohio.
Select Money Market Account Details
- A limit of only one promotional rate “allowed over the life of the account.”
- There is a $10 monthly service fee that can be waived if a $10k minimum average daily balance is maintained.
- Limited check writing is available, with a minimum check amount of $500.
- There is a $5 for each transfer beyond the first six fee-free transfers during a statement cycle.
- If the Select Money Market account is closed within 365 days of opened, a $50 Early Closeout Fee will be levied.
Complete details can be found in the Account Disclosure page.
13-month Special CD
FFL has also added a new 13-month Special CD, which earns 2.78% APY. The minimum deposit is $500 of new money, with no stated balance cap. New money is defined as funds “not currently on deposit with First Federal Lakewood."
Partial withdrawals are permitted, with an Early Withdrawal Penalty “equal to 180 days of interest, whether earned or not, on the amount withdrawn.”
There is a seven day grace period before the Special CD automatically renews as a 12-month CD.
Headquartered in Lakewood, Ohio, First Federal Lakewood offers it services and product line to all residents of Ohio, 18 years or older.
Opening a Select Money Market Account and/or a CD can be done at any of the 18 northeast Ohio branches located in Avon, Avon Lake, Brunswick, Chagrin Falls, Cleveland, Fairview Park, Garfield Heights, Lakewood, North Olmsted, North Ridgeville, North Royalton, Olmsted Falls, Painesville, Parma, Rocky River, Strongsville, and Westlake (2).
First Federal Lakewood has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.27% (excellent) based on June 30, 2018. In the past year, the Bank has increased its total non-brokered deposits by $13.56 million, an above average annual growth rate of 1.02%. Please refer to our financial overview of First Federal Lakewood (FDIC Certificate # 29488) for more details.
Founded in 1935 as the First Federal Savings and Loan Association, First Federal Lakewood is Ohio’s largest independent depositor-owned bank, with assets in excess of $1.9 billion. Three years ago, the Bank reorganized as a mutual holding company structure. According to a PR Newswire article,
This structure is expected to facilitate diversification, including the possible affiliation with smaller mutual banks. The mutual holding company structure will also provide a platform to capitalize on the bank's financial strength and success, and offer First Federal Lakewood significant long-term operating efficiencies and increased competitiveness.
How the Select Money Market Compares
When compared to 227 Money Market Accounts tracked by DepositAccounts.com that are available to residents of northeast Ohio, First Federal Lakewood's Select Money Market APY currently ranks first, regardless of minimum balance requirement.
To look for the best MMA rates, nationwide and state specific, please refer to our Money Market Accounts Rates Table.
How the CD Special Compares
When compared to 278 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available in northeast Ohio, First Federal Lakewood's 13-month CD Special APY currently ranks first.
The above rates are accurate as of 10/15/2018.
Searching for the best CD rates, either nationwide or state specific? Please refer to our CD Rates Table page.